Olympus, Sony Tie Up

Olympus Corp. said Friday it will raise ¥49 billion ($631.6 million) by issuing new shares to Sony Corp., sealing a deal that will help bolster a balance sheet severely weakened by a $1.5 billion accounting scandal.

With the capital tie-up, Sony will effectively become Olympus’s biggest shareholder, with a stake of 11.5 percent in terms of voting rights. The two companies also plan by the end of December to set up a joint venture to develop medical devices and to study collaboration in compact digital cameras.

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